It's possible gas falls below $1 per gallon

Retail gasoline prices have dipped below $2 per gallon across the
United States. But gas might drop below $1 per gallon soon in
some places of the country.

Aside from the financial crisis, when gasoline prices dropped
below $2 per gallon for just a few months, retail gasoline prices
have not been below $2 since 2004. Gas prices are at their
lowest levels in many years.

But things could soon get even crazier. GasBuddy says that
gasoline supplies are rising in the Midwest, which could result
in localized gluts for product, pushing prices down to $1 per
gallon or even lower. With access to heavily discounted Canadian
crude, Midwest refiners are churning out cheaper and cheaper
gasoline. “That could trigger fire sales—very quick and low price
sales,” Patrick DeHaan of GasBuddy told the WSJ. There is a “strong possibility”
that refiners, trying to offload excess winter fuel blends, could
discount prices down to 99 cents per gallon for a brief period of
time.

Oklahoma appears to be enjoying the cheapest gasoline in
the country. According to GasBuddy’swebsite, the
cheapest gas right now can be found in Oklahoma City, where one
station wasselling gasfor $1.09 per gallon on
February 9. A 7-Eleven in Norman, OK sold gas for $1.10 per
gallon on the same day.

OilPrice.com

source: GasBuddy.com

Nationwide, retail gasoline sold for $1.87 for the week ending on
February 8. For now, sub-$1 gasoline is unlikely outside of some
local areas, such as Oklahoma and the Midwest. But if oil prices
drop to $20 per barrel, which is something that Goldman Sachs is
not ruling out, $1 gasoline could become a lot more common.